A round-up of the key stories across the specialist financial media, including news that France and Spain sold the number of bonds they had aimed for at auction, though in Spain's case at an increased yield.
France, Spain clear bond auction hurdle
France and Spain sold all the bonds they wanted at auction on Thursday, though for Spain the cost was rising yields, indicating growing concerns the government will not be able to tame its deficit.
Morgan Stanley beats estimates as trading gain tops peers
Morgan Stanley, owner of the world’s largest brokerage, reported first-quarter results that beat analysts’ estimates as fixed-income trading revenue climbed more than at any other major U.S. bank.
Bank of America reported improved core profits for the first quarter, aided by a rebound in trading revenues but unlike its peers failed to turn a profit in mortgages, showing the persistent problems in that business.
Caixabank, the bank floated by the Barcelona-based La Caixa savings bank last year, said its net profit in the first quarter of this year fell 84 per cent to €48m from €300m in the same period of 2011 after a “huge effort” in bad loan provisions.
